APPENDIX. 601 



very nearly the sum upon ■which five per cent interest was paid in 1897. 

 Upon the average, therefore, railroad investments in America pay very \jell 

 indeed, all this being free of taxes, or, at least, mostly free, and very much 

 better than investments in farms. The wish of the railroad owners is to make 

 the roads pay as good interest as possible upon their entii'e paper capitalization. 

 It is the wish of the farmers and others that this should not happen, but that 

 increasing business should be accompanied by such diminution of rates as will 

 keep down revenue so that it no more than pays fair interest on actual and 

 honest investment, reserving the "unearned increment" to the people. The 

 railroad owners claim that they are entitled to the unearned increment because 

 they took the risk of construction, and in many cases have lost money. That 

 is one phase of the " railroad question," 



